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Disrupted Supply Chains, Smart Tech And The Stalled Promise Of Industry 4.0

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The fourth industrial revolution promised rapid societal transformation due to advances in smart technologies including VR, AI, robotics and 3D printing. Richard Markoff and Ralf Seifert from the International Institute for Management Development discuss why the revolution stalled and their suggestions for kicking it into gear.

It’s been nearly a decade since the term ‘fourth industrial revolution‘ was coined, yet many people won’t have heard of it, or know what it refers to.

Also known as industry 4.0, it’s a way of describing how connecting together different advanced technologies could transform how we make things. An example of this could be putting artificial intelligence (AI) into factory robots.

Although there’s no formal agreement we are living through this new age, it’s a sign of the importance with which many people regard these developments and their potential. The previous industrial revolutions were: the rise of steam power in the late 18th century, the use of electricity to power machines at the end of the 19th century, and the shift to digital electronics that started in the 1970s.

These were defined by clear milestones. But many emerging technologies could claim to be part of industry 4.0. These include virtual reality (VR) to simulate what’s going on in an assembly line and 3D printing. There are also lesser known developments such as digital twins – virtual models that accurately reflect the behaviour of physical objects such as wind turbines or aircraft engines.

Any technology that is ‘smart’ or ‘cyber-physical’ — where the lines between the digital and physical worlds are blurred — can claim to be part of the fourth industrial revolution.

But many companies appear to have been slow to take advantage of these developments. Here, we’ll show why that could be and the changes that may be necessary to ensure these transformative technologies live up to their potential.

Any technology that is ‘smart’ or ‘cyber-physical’ — where the lines between the digital and physical worlds are blurred — can claim to be part of the fourth industrial revolution.

A stalled revolution?

A supply chain describes the entire system for producing a product, from raw materials to delivering the finished article to a consumer. So it’s useful to look at the impact industry 4.0 technologies have had on these chains.

It’s difficult to measure how much of an effect specific technologies might be having on the economy. However, one thing we can do is see what impact they have made on decision makers in companies.

One of us (Ralf Seifert) recently published the results of a survey of several hundred senior executives. The survey asked the executives their views on managing supply chains.

None of the top priorities listed by the executives relate to industry 4.0. Headline-grabbing technologies strongly associated with the fourth industrial revolution, such as AI and machine learning, the internet of things, robotics and 3D printing are in the bottom third of priorities.

A look at online trends also reveals that searches for “industry 4.0” peaked in 2019, but have since dropped to a significantly lower level.

There could be a number of potential reasons for this disappointing embrace of industry 4.0 by companies. In 2020, a survey by the accounting giant KPMG showed that, of all industry 4.0 technologies, only cloud computing had reached an advanced — though still incomplete — level of implementation.

For many businesses, the benefits of other important technologies remain obscure. The daily pressures of service and cost take precedence, so it takes effort to move away from familiar solutions. This is consistent with the dip in searches for industry 4.0 — even as global supply chains have been disrupted by the coronavirus pandemic, the blockage of the Suez Canal shipping lane in 2021, floods hampering rail transport and a shortage of shipping containers.

The KPMG report from 2020 found that less than half of business leaders had a good understanding of the term ‘fourth industrial revolution’.

High risk, high scrutiny

A lack of awareness is one hurdle for the adoption of industry 4.0 technologies. Another is the need to build the business case for expenditure on new technological solutions.

The more ambitious the technology, the higher the risk and scrutiny. Not every company has leaders ready to champion and sponsor innovation in the face of uncertain or less tangible outcomes.

Industry 4.0 initiatives can also lead to resistance to change among workers. IT departments, trained for years to seek out large enterprise solution providers, hesitate to recommend niche solutions from small companies — especially for technologies they’re not familiar with.

One way to address this is to commit resources to building separate teams tasked with identifying and prioritising industry 4.0 capabilities. Even then, however, there must be an alignment with the broader business strategies of a company.

From crisis to opportunity

The unprecedented supply chain disruptions over the last two years have pushed executives to consider reconfiguring their supply chains. More often than not, however, they are opting to do this in a conventional manner.

Reshoring (returning manufacturing to the company’s original country) and nearshoring (transferring manufacturing to a closer-by, rather than more distant, country) have become popular options for companies looking to build the resilience of their supply chains.

The unprecedented supply chain disruptions over the last two years have pushed executives to consider reconfiguring their supply chains.

Industry 4.0 technologies have a role to play in this transition. For example, the rethinking of global supply chains came about through a need to reduce labour costs.

Driverless forklifts, or automated guided vehicles (AGVs), are one example of the way robotics can mitigate rising costs elsewhere. Additive manufacturing — the industrial name for 3D printing — can simplify and reduce the cost of production processes that involve two or more costly steps.

For supply chains that cross international borders, there will be an added incentive to use digital platforms for improving the ability to track inventory — a term covering everything from raw materials to finished products — and to help transport goods. This will help companies identify unplanned disruptions more quickly and react to them appropriately.

The very supply chain dysfunctions that made headlines and arguably slowed the short-term progress of industry 4.0 may yet prove to be the engine that finally delivers its promise.

Richard Markoff is a supply chain researcher at the International Institute for Management Development. He is also a supply chain coach, consultant, entrepreneur and lecturer. He has a PhD from ESCP Europe in supply chain management.

Ralf Seifert is professor of operations management at the International Institute for Management Development. His primary research and teaching interests relate to operations management, supply chain strategy and technology management. He holds PhD degree in management science from Stanford University.


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Luxurious four-bedroom riverside penthouse with views of London skyline goes on market for £6m

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Life at the top! Luxurious four-bedroom riverside penthouse with 2,599sq ft of space over two floors and fantastic views of London skyline goes on the market for £6million

  • The stylish duplex is located in the Victorian goods warehouse of Butler’s Wharf 
  •  As well as being split over two floors, the apartment has a unique water feature

A luxurious four-bedroom riverside penthouse with 2,599sq ft of space over two floors and fantastic views of the London skyline has gone on the market for £6million.

The spectacular home has three terraces, all of which boast incredible panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline.

The stylish duplex is located in the historic Victorian goods warehouse of Butler’s Wharf, which has made its name for being one of the most sought after addressed on the waterfront.

Butler’s Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean. 

Today, it is known as the flagship residential building on the Tower Bridge riverside.

The stylish duplex apartment has three terraces to enjoy the panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline

The stylish duplex apartment has three terraces to enjoy the panoramic views overlooking Tower Bridge, the Shard, the Thames and the London city skyline

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor

The four-bedroom penthouse in a historic Victorian goods warehouse is one of the most sought after addresses on the waterfront

The four-bedroom penthouse in a historic Victorian goods warehouse is one of the most sought after addresses on the waterfront

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom

Butler's Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean

Butler’s Wharf was built in 1873 as a shipping wharf and warehouse complex for exotic goods like tea, coffee, fruit and fine fabrics that had been imported to London from Asia and the Caribbean

When the docks in Shad Thames closed in the late 1960s, early 70s, the building was used as a film set and artists’ space – even featuring prominently in a 1983 Doctor Who episode about the Daleks. 

Then, in the late 1980s, it was converted into residential properties by British designer Sir Terence Conran.

In fact, the restaurants that Conran launched – including Le Pont de la Tour, where the Clintons and Blairs famously dined in the 1990s – are still there today.

This duplex apartment is one of the larger penthouses.

The large space also provides an incredible space for entertaining.

It has 2,599 sq ft of accommodation, which is split over two floors. 

The apartment is on the sixth and seventh floors with an open plan living/dining room and a large kitchen/breakfast room on the seventh floor.

Meanwhile, the terraces span the width of the penthouse.

This duplex apartment is one of the larger penthouses. The large space also provides an incredible space for entertaining

This duplex apartment is one of the larger penthouses. The large space also provides an incredible space for entertaining

Three of the four bedrooms have en-suite bathrooms and two have walk-in wardrobes

Three of the four bedrooms have en-suite bathrooms and two have walk-in wardrobes

On the sixth floor there are four bedrooms, three of which have en-suite bathrooms and two have walk-in wardrobes. 

Most impressively, the property also features a walled garden with a unique water feature, which can be accessed from the main bedroom.

It also has two secure underground parking spaces and 24-hour concierge service. But the new owner will need to pay a £15,000 service charge each year.

Speaking about the incredible property, Jon Byers, director at Anderson Rose who are selling the apartment, said: ‘This duplex penthouse is one of the neighbourhood’s finest homes.

‘As we come into the spring and summer seasons, residents can entertain across the penthouse’s three terraces whilst providing their guests with some of London’s most magical views.

‘The duplex is a London gem which we anticipate will garner much interest and not remain on the market for very long.’

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Grade II listed cottage where banoffee pie was created 50 years ago goes on the market for £550,000

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A Grade II listed cottage which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000.

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant in Jevington, East Sussex, closed down in 2012.

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum’s Coffee Toffee Pie.

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag.

Described as a ‘spaciously proportioned charming period cottage’, the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite.

Grade II listed cottage Monks Rest in Jevington, East Sussex, which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000

Grade II listed cottage Monks Rest in Jevington, East Sussex, which was the birthplace of banoffee pie over 50 years ago has gone on the market for £550,000

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant closed down in 2012

Monks Rest is one of the Hungry Monk Cottages which was created after The Hungry Monk restaurant closed down in 2012

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum's Coffee Toffee Pie (file photo)

The owner of the eatery Nigel Mackenzie and his head chef Ian Dowding claim they invented the banoffee pie in 1971 after creating the dessert based off a San Francisco recipe for Blum’s Coffee Toffee Pie (file photo)

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag

Now the detached house has been put up for sale, boasting oak beams and benefits from off-road parking to compliment the half a million pound price tag

Where did the banoffee pie come from?

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974.

It was later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk.

In the early 1980s, supermarkets began to sell their versions of the sweet treat, but instead titled them as ‘American Pie’.

Mackenzie was keen to keep the title as the co-inventor of the much-loved dessert annd offered the public a £10,000 prize to anyone who could disprove their claim to be the English inventors of the pie

Speaking to the Telegraph in 1984, Mackenzie described the copying as ‘terribly galling’ and described the M&S version of the dish as ‘outstanding’ and Tesco’s as ‘disgusting’.

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry.

Nigel Mackenzie sadly died in July 2015, and Ian Dowding works as a consultant chef and writer.

The area in which the property is located has been described as ‘the picturesque old-world village of Jevington within the South Downs National Park.’

The Hungry Monk Cottages property listing reads: ‘This Grade II listed cottage affords a 22′ sitting room as well as 2 further reception rooms and a 15’ kitchen/breakfast room.

‘Attractive features include a wealth of old oak beams and joinery as well as two inglenook-style fireplaces.

‘The property also benefits from off-road parking. An internal inspection will convey the charm and considerable appeal of this fine home.

‘Monks Rest is enviably situated in the heart of the idyllic downland village of Jevington which sits within the scenic South Downs National Park to which there is easy access from Monks Rest.

‘Friston Forest borders the southerly end of the village with the sea beyond at Birling Gap. There are mainline rail services from Polegate and Eastbourne to London Victoria and to Gatwick.

‘Eastbourne is about six miles distant and offers a range of private and state schools as well as shopping facilities. There is a world-class opera nearby Glyndebourne.’

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk.

In the early 1980s, supermarkets began to sell their versions of the sweet treat, but instead titled them as ‘American Pie’.

Keen to keep the title as the co-inventor of the much-loved dessert, Nigel offered the public a £10,000 prize to anyone who could disprove their claim to be the English inventors of the pie. 

Described as a 'spaciously proportioned charming period cottage', the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite

Described as a ‘spaciously proportioned charming period cottage’, the house also includes two bathrooms, a downstairs shower room, and three bedrooms including one with an en-suite

The area in which the property is located has been described as 'the picturesque old-world village of Jevington within the South Downs National Park'

The area in which the property is located has been described as ‘the picturesque old-world village of Jevington within the South Downs National Park’

The Hungry Monk Cottages property listing reads: 'This Grade II listed cottage affords a 22' sitting room as well as 2 further reception rooms and a 15' kitchen/breakfast room' (pictured)

The Hungry Monk Cottages property listing reads: ‘This Grade II listed cottage affords a 22′ sitting room as well as 2 further reception rooms and a 15′ kitchen/breakfast room’ (pictured)

The home is situated in the 'heart of the idyllic downland village of Jevington' which is within the scenic South Downs National Park

The home is situated in the ‘heart of the idyllic downland village of Jevington’ which is within the scenic South Downs National Park

Located near the Friston Forest borders, the home is on the southerly end of the village which is not far from the sea with the sea at Birling Gap

Located near the Friston Forest borders, the home is on the southerly end of the village which is not far from the sea with the sea at Birling Gap

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk (pictured is Monks Rest cottage)

The banoffee pie recipe by Nigel Mackenzie and Ian Dowding was first published in The Deeper Secrets of The Hungry Monk in 1974 and later reprinted in their 1997 cookbook, In Heaven With The Hungry Monk (pictured is Monks Rest cottage)

Said to be Margaret Thatcher's favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry (pictured is Monks Rest cottage)

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry (pictured is Monks Rest cottage)

Speaking to the Telegraph in 1984, Mackenzie described the copying as ‘terribly galling’ and described the M&S version of the dish as ‘outstanding’ and Tesco’s as ‘disgusting’.

Said to be Margaret Thatcher’s favourite food to make, banoffee pie has been re-created by many celebrity chefs in the years since including British Bake Off legend Mary Berry.

Nigel Mackenzie sadly died in July 2015, and Ian Dowding works as a consultant chef and writer.

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How much would it cost to make your home greener?

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Two thirds of homeowners would like to make energy efficient improvements to their properties, a study from Butterfield Mortgages has found.

Environmental concerns are the greatest driver of change with over half (54 per cent) of respondents saying their worries have led them to consider increasing the energy efficiency of their homes.

But the cost of carrying out improvements such as insulation, heat pumps and double glazing can be high. 

Almost a fifth (17 per cent) of homeowners surveyed said they had considered remortgaging to fund energy-efficient upgrades – in the hope that it would then bring their energy bills down. 

Motivation: Some 46% of homeowners have been driven to make efficiency changes in their homes as a result of spiralling energy costs

Motivation: Some 46% of homeowners have been driven to make efficiency changes in their homes as a result of spiralling energy costs

Since coming out of the pandemic demand for gas has gone through the roof, but supply has struggled to catch up. It has sent prices soaring and pushed up the cost of gas and electricity for both households and businesses.

This has been compounded by Russia’s invasion of Ukraine which has led to a squeeze on gas supplies across Europe.

However, despite the wholesale price of gas and electricity falling since December household bills are still high.

In the survey, 46 per cent said that the energy crisis and spiralling costs had led them to accelerate their home renovation plans. The figure rises to 65 per cent among people aged between 18 and 34 years old. 

Other are motivated to improve the efficiency of their home in order to increase its future sale value, with 36 per cent saying they are making the changes in order to improve their home’s energy performance certificate rating.

Alpa Bhakta, chief executive of Butterfield Mortgages, said: ‘Homeowners are increasingly looking for ways to improve the energy efficiency of their properties, whether to reduce costs, improve future sale values, or contribute to a greener future. 

‘We can expect millions of owners to invest in home improvements in the months and years to come – and some may be looking to re-finance their property in order to do so.

‘Our research also uncovered a significant knowledge gap among homeowners that needs addressing. Less than half are aware of what the EPC rating of their property is.

Lofty ambitions: Wall or loft insulation is a popular way to make a home more energy efficient

Lofty ambitions: Wall or loft insulation is a popular way to make a home more energy efficient  

‘As sustainability considerations rise, homeowners and buyers alike will be turning to their brokers and lenders for guidance on EPC-related issues, particularly if legislation around residential properties is introduced in the future. 

‘Those who are aware of this growing trend now have an opportunity to become well-versed in the issues ahead of time and can help advise clients appropriately.’

EPC is a rating scheme which bands properties between A and G, with an A rating being the most efficient and G the least efficient. The most common EPC rating for homes in the UK is a D. 

Butterfield’s survey showed that just 40 per cent of homeowners know their property’s current EPC rating.

When asked what they had already done to make their homes greener, the most common improvements were installing LED light bulbs (66 per cent), investing in double or triple glazing (57 per cent), adding loft or wall insulation (55 per cent), and using a smart meter (46 per cent). 

How much do energy efficient home improvements cost?   

For those looking at adding efficiency improvements to your home, it is worth knowing the cost so you can decide what is best for your property.

Double glazing can save you up to £235 a year in energy bills, according to the Energy Saving Trust, keeping heat in and noise and drafts out. However, it comes with an big upfront cost. Fitting A-rated double glazing to the average semi-detached house costs around £7,500.

Keeping more heat in your home through wall or loft insulation is also a popular choice. Around 35 per cent of heat leaves buildings through the walls, according to insulation experts LoftZone.

There are two types of insulation, external and internal. External insulation involves fitting insulating material and then rendering or cladding over it. Internal insulation is mostly a form of thermal sheeting that is fitted to the inside walls. This will reduce room size when installed.

The cost of insulating the outside of a three-bedroom semi-detached home with solid wall insulation is around £12,000, or £8,500 if done inside, according to the Energy Saving Trust.

Double glazing reduces energy bills but comes with a significant upfront installation cost

Double glazing reduces energy bills but comes with a significant upfront installation cost 

However, that then leads to a big drop in energy bills – £240 a year for a mid-floor flat all the way up to £930 a year for a detached house.

Cavity wall insulation can save up to £1,800 a year but there can be serious issues if it is not properly installed.

Heat pumps are another way to improve your home’s green credentials. The work by gathering heat from either the air or ground and can replace traditional gas boilers and experts say they can cut up to 25 per cent off your energy bills as the devices require less power to run.

Air source heat pumps can cost between £8,000 and £14,000 to install, according to data from Uswitch.

Meanwhile, ground source heat pumps are generally pricier, with a system costing from £15,000 to £30,000.

What to do if you need a mortgage 

Borrowers who need to find a mortgage because their current fixed rate deal is coming to an end, or because they have agreed a house purchase, should explore their options as soon as possible.

This is Money’s best mortgage rates calculator powered by L&C can show you deals that match your mortgage and property value

What if I need to remortgage? 

Borrowers should compare rates and speak to a mortgage broker and be prepared to act to secure a rate. 

Anyone with a fixed rate deal ending within the next six to nine months, should look into how much it would cost them to remortgage now – and consider locking into a new deal. 

Most mortgage deals allow fees to be added the loan and they are then only charged when it is taken out. By doing this, borrowers can secure a rate without paying expensive arrangement fees.

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

Home buyers should beware overstretching themselves and be prepared for the possibility that house prices may fall from their current high levels, due to  higher mortgage rates limiting people’s borrowing ability.

How to compare mortgage costs 

The best way to compare mortgage costs and find the right deal for you is to speak to a good broker.

You can use our best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Be aware that rates can change quickly, however, and so the advice is that if you need a mortgage to compare rates and then speak to a broker as soon as possible, so they can help you find the right mortgage for you.

> Check the best fixed rate mortgages you could apply for 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

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